Magic circle giant’s partners earning more than ever before
Clifford Chance has unveiled stellar financial results, with overall profit up 23% and profit per equity partner rising to a record £1.23 million.
The news may surprise law students, who were informed by the firm in the autumn that it was cutting UK training contract numbers from 100 to 80 as CC seemingly braced itself for difficult trading conditions after a tough 2015.
With trainees recruited two years in advance, the savings from the reduction in rookies do not figure in the magic circle giant’s newly-published financials — but will presumably boost CC’s profits further when they kick in from 2018.
The Canary Wharf-based firm’s growth in profits — which hit a total of £491 million for the year ending 30 April 2016 — largely came about because of a reduction of associates and other fee-earners, whose numbers fell from 2,377 to 2,315, according to the annual accounts filed with Companies House.
CC’s revenue was pretty flat, edging up by 2.7% from £1.35 billion to £1.386 billion.
The firm experienced fastest growth in the Americas, with revenues rising by 12% from £156 million to £175 million across its offices in New York, São Paulo and Washington DC. Revenues were also up in the UK, the Middle East and Asia. CC did worst in Continental Europe where turnover fell 4%.